Buy Finolex Cables, target price Rs 558: Axis Securities

Axis Securities has buy call on Finolex Cables with a target price of Rs 558. The current market price of Finolex Cables Ltd. is Rs 521.8. Time period given by analyst is 3 weeks when Finolex Cables Ltd. price can reach defined target.

Finolex Cables Ltd., incorporated in the year 1967, is a Mid Cap company (having a market cap of Rs 8025.49 Crore) operating in Consumer Durables sector.

Finolex Cables Ltd. key Products/Revenue Segments include Electrical Cables, Cables, Others, Scrap and Copper Rods for the year ending 31-Mar-2022.



Financials
For the quarter ended 30-06-2022, the company reported a Consolidated Total Income of Rs 1032.81 Crore, down -14.42 % from last quarter Total Income of Rs 1206.80 Crore and up 49.49 % from last year same quarter Total Income of Rs 690.91 Crore. Company reported net profit after tax of Rs 92.94 Crore in latest quarter.



Promoter/FII Holdings
Promoters held 35.92 per cent stake in the company as of 30-Jun-2022, while FIIs owned 9.25 per cent, DIIs 15.28 per cent.